Property :

We cater to businesses of all sizes by offering insurance products and services. It is important that all types of risks that enterprises are exposed to are adequately covered to keep the business going and growing on track. Else, a single unfortunate event can wipe out the assets created out of many years of toil.

The various products generally offered to operational businesses (manufacturing as well as non-manufacturing) are as under:

We can state with reasonable justification that our elaborate discussions, save any trade secrets, have not only put us in an enviable position of designing a perfect match for the requirements of our customers but have given an opportunity to our customers to take conscious and viable decisions on the insurance products.

  • Standard Fire and Special Perils Insurance covers the assets like building and contents for a specified set of risks including accidental fire, riot and strike, natural calamities like Flood, Storm, Inundation, Earthquake etc
  • Fire Consequential Loss Insurance covers loss of gross profit arising out of shortfall in sales or fall in output due to operation of any of the risks covered under the above Fire and Special Perils Policy.
  • Burglary Insurance covers loss of or damage to assets like stocks, other contents following breaking into the premises by miscreants.
  • Money Insurance covers loss of cash or equivalent money instruments whilst in premises or during transit to and from bank or other places on daily basis.
  • All Risks Insurance covers all portable equipment like Laptops, Mobile handsets, Video Projectors etc against accidental breakage, theft or similar risks whilst being carried by employees as personal accompanied baggage.
  • Fidelity Guarantee Insurance protects the business against financial loss to business arising out of fraud or dishonest acts of the employees.
  • Plate Glass Insurance provides coverage for accidental breakage of glasses inside the insured premises.
  • Electronic Equipment Insurance offers All Risks coverage for electronic equipments like Computers, UPS, Servers and the like including loss arising out of electrical breakdowns
  • Machinery (Breakdown) Insurance caters to all machinery other than electronic equipment against damage arising out of sudden

Marine Cargo:

The movement of goods, capital or traded by all modes of conveyance i.e by road, rail, sea, air including couriers can be covered under the Marine Insurance policies. The policy thus covers transits both domestic as well as international i.e imports and exports. In fact, this is the most ancient forms of insurance policy facilitating the existence and growth of trade and commerce in the international trade. The international insurance market has also standardised set of clauses to be incorporated in the marine policies covering transit between two countries. In India, the Marine Insurance Act, 1963 spells out the law relating to the various aspect of Marine Insurance business.

Motor:

The Motor Insurance covers the statutory requirement of compulsory insurance of Third Party Liability (TPL) for all motor vehicles put to use in a public place. The liability is for death or bodily injury of or damage to property of Third Parties. The Motor Vehicles Act, 1939 amended in 1988 provides the framework for motor insurance in India.

All types of vehicles including cars, two-wheelers and commercial vehicles – goods or passenger carrying come under the ambit of Motor Insurance.

The Comprehensive Policy covers the loss or damage to the motor vehicle also in addition to the TPL requirement as above.

The cover provided under the Own Damage (to the vehicle) section comprises of:

  • Accidental and External Damage
  • Fire and Explosion
  • Riot and Strike
  • Malicious Act
  • Burglary, housebreaking/ Theft
  • Transit
  • Earthquake
  • Storm and Flood
  • Terrorism

Generally, the claims for damage are settled after deduction of depreciation. But new products in the market offer payment of claims without depreciation and settlement based on the original purchase price for theft or total loss cases. Host of additional benefits like loss of keys, breakdown assistance etc are also offered. Fleet policies are also issued by insurers with extra benefits for corporate with fleet of cars etc.

Different types of policies in the Indian market are:

  • Specific Policy issued to cover one-off transit or voyage proposed for insurance on a case to case basis.
  • Marine Open Policy is valid for one year covering all the domestic movements of stocks, capital goods based on monthly declarations to be furnished.
  • Marine Open Cover is valid for one year covering imports and/ or exports on a regular basis where individual certificates are issued for each export or import consignment.
  • Marine STOP policy which is the latest product in the market covers all types of movements while premium is charged only on the sales of the company.

Many insurance companies have utilised the technological advancement in IT to develop user-friendly software to generate specific policies or insurance certificates through website or client's system.

Group Health:

Employee health is one of the biggest issues in today's high pressure, competitive work environment. Caring for health and wellbeing of your employees and their families is one of the best motivators for today's workforce.

The Group Medical Insurance covers the hospitalisation costs as in-patient of the employees and or their family members (if covered) upto the limit provided under the policy. There are also floater covers available where the limit operates for the entire family of the insured employee.

The highlight of the policy is the cashless facility for claim payment provided by insurance companies through IRDA approved Third Party Administrators (TPAs) for which the cost is included in the initial premium paid to the insurance companies. This facility is offered for admission into hospitals across the country with whom the TPA has a tie-up.

Over and above the benefits provided by Insurance Companies, Sriyah provides for unmatched bouquet of value add-ons based on the group size. This includes wellness camps, health management programs and free outpatient consultations in specified hospitals.

Accident:

Death of the breadwinner due to accident can cause untold and irreparable loss to his family both in terms of physical absence and sudden non-existence of financial support. While time is the only healing factor as far as the mental agony is concerned, the financial aspect, at least can be secured by means of an insurance arrangement

The Group Personal Accident Insurance covers the employees of the organisation against accidental death and disablement.

The employer can fix the limit of sum insured for the employees based on the salary level of the employees generally around 60 times the monthly salary.

The various optional benefits covered following an accident as defined in the policy are specified below:

  • Death – 100% of the Sum Insured
  • Permanent Total Disablement – 100% of the Sum Insured
  • Loss of both eyes or limbs or one eye and one limb – 50%
  • Permanent Partial Disablement – As per structure given in the policy
  • Temporary Total Benefits – Weekly benefit of 1% of the Sum Insured with a cap on the number of weeks
  • Medical Benefit with a capping in relation to the SI and Claim amount. This is generally available only following a valid claim under any of the above benefits.

GPA Insurance is one of the low cost premium products offering high financial security to the family of the employee in the unfortunate event of accidental death or disablement. So much so that GPA along with GMC has become an implied HR standard for many Employee Benefits across various industries in India namely IT, ITES and services.

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